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Reporting its interim results for the six months to 31 December 2012, ISG Group reported revenue of 拢659m, up 6% on the same period in 2011, generating pre-tax profit of 拢2.2m, down 1% on 2011.

But the firm鈥檚 construction business continued to struggle, posting revenue of 拢280m, up 18% on 2011 - a rise the firm attributed to its London 2012 overlay works contract - but with an operating profit of 拢700k, up from a loss of 拢518k for the same period in 2011, and an operating margin of just 0.2%.

The firm said the strategy of its construction business was to focus on repeat customers and frameworks.

It said the market 鈥渞emained competitive and we have seen particularly tough trading conditions in our East region where we are in the process of a reorganisation to reflect current market conditions鈥�.

It said its construction order book was up 8% to 拢409m, of which 拢238m is for delivery in the current financial year - down 11% on the same period last year.

鈥淗ence we anticipate that revenue in the current financial year will be lower than [the] prior, with margins continuing to be under pressure,鈥� the firm said.

The firm鈥檚 UK fit-out business performed better, posting a rise in revenue of 29% to 拢119m, with a margin of 1.7% generating operating profit of 拢2m (2011: 拢2.3m).

The UK retail business posted fall in operating profit of 13% to 拢2.6m, on reduced revenue of 拢164m, down from 拢185m in 2011.

ISG chief executive David Lawther said: 鈥淚SG has delivered an improved performance and growing order book despite the continuing market challenges in Europe.

鈥淚n the UK, we have maintained our market leading positions in the office fit out and retail sectors, while our Construction business has increased its level of repeat work through its focus on key customers and frameworks.

鈥淲e have continued our progress into the engineering services and hospitality sectors, securing another major project in the period. Overseas, we continue to enhance our reputation and anticipate seeing growth in the second half.

鈥淲e will continue to manage our cost base, to target growth sectors and to invest in our overseas businesses.鈥�